This morning BTCUSDT entered my projected buy zone. If I counted right, BTCUSDT just completed an Elliott ABC 5-3-5 Zig-Zag style correction. I feel like It's pretty close to being done as it appears to have finished directly on the overall uptrend line. This point also terminates wave ((C)) directly in the middle of FIB 0.618 and 1.0 of wave ((A)) which are two common and reliable distances for projecting zig-zag corrections.
However, In light of China's ICOs trials: immediate customer payback has been ordered and ICOs have been outlawed. The way I see it, this could either cause more drop in the crypto market overall as money is syphoned out to cover paybacks or the money has already been syphoned out in preparation for paybacks meaning room to grow as customers re-invest into existing crypto. I have since changed my position from long to neutral and set buy/sell stops.
BTC still seems to dictate the market for the majority of alt-coins. This correction ending or extending should spark similar reaction in most crypto. I'm keeping an eye on BTC to decide what to do with my alts.
Please let me know if you see anything different or know something I did not account for.
Stop buy will be set to 4600 with a stop loss set to 4100. Hopefully this covers either scenario.
However, In light of China's ICOs trials: immediate customer payback has been ordered and ICOs have been outlawed. The way I see it, this could either cause more drop in the crypto market overall as money is syphoned out to cover paybacks or the money has already been syphoned out in preparation for paybacks meaning room to grow as customers re-invest into existing crypto. I have since changed my position from long to neutral and set buy/sell stops.
BTC still seems to dictate the market for the majority of alt-coins. This correction ending or extending should spark similar reaction in most crypto. I'm keeping an eye on BTC to decide what to do with my alts.
Please let me know if you see anything different or know something I did not account for.
Stop buy will be set to 4600 with a stop loss set to 4100. Hopefully this covers either scenario.
Comment:
wave 5 extended to bottom of box, buy stop updated to just above uptrend line @4250, sell stop updated to just below 1.618 fib (bottom of box) @3995.
Comment:
Buy at 4250 triggered. Updated stop loss to 4175. Still needs to cross downtrend channel to be officially done correcting. I see that line at around 4465. I'll call it good after 4500 should it make it there.
Trade closed: stop reached
Trade active:
I counted wave ((C)) legs 3 and 5 incorrectly at first which lead to my stop pre-maturely triggering. This is my updated idea.
Extended wave ((C)) 5th leg. Makes more sense this way, I didn't like the way i counted it the first time anyway. I was about to throw in the towel on this TA until i realized that was probably ((C)) last leg down. I'm going long if downtrend is broken around 4350 region. Waves 3 and 5 of ((C)) also make a possible double bottom reversal pattern.
Buys @ 4350
Stop loss @ 4175
Extended wave ((C)) 5th leg. Makes more sense this way, I didn't like the way i counted it the first time anyway. I was about to throw in the towel on this TA until i realized that was probably ((C)) last leg down. I'm going long if downtrend is broken around 4350 region. Waves 3 and 5 of ((C)) also make a possible double bottom reversal pattern.
Buys @ 4350
Stop loss @ 4175
Trade closed: target reached:
This could easily be a higher degree wave B and not the uptrend I'm hoping for... moving forward with caution. Good luck trading everyone.
